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Fintech company Moneytree is urging the ACCC and Treasury to “reconsider” the draft rules around consumer data right data disclosures to intermediaries to prevent “unintended” consequences.
The payments giant has entered into an agreement to acquire financial data provider Finicity for US$825 million ($1.2 billion), to bolster its open banking platform.
The competition watchdog is consulting on draft rules that enable authorised third parties with “unrestricted” access to collect Consumer Data Right information on behalf of other accredited persons.
The ACCC has travelled one step further towards rolling out open banking in July, having debuted a platform allowing banks and fintechs to become accredited data recipients.
The non-major lender has partnered with a cloud-based software solutions provider to offer brokers a loan origination platform.
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